Piracy and illegal fishing threaten Nigeria’s $2.5 trillion ocean economy, maritime experts warn

Maritime stakeholders have identified piracy, illegal fishing, interstate disputes and transnational crime as factors holding the country back from achieving a $2.5 trillion ocean economy.

Speaking at the International Maritime Organization 2024 World Maritime Day held in Lagos State, the Chairman of the Commission on the Limits of the Continental Shelf, Prof. Larry Awosika, reiterated the need for the Nigerian government to address these challenges to take.

Stakeholders also outlined other challenges that require urgent attention, particularly the smuggling of weapons and narcotics.

Awosika further warned that failure to address these issues, which he described as security threats, could impact investments in marine exploration and tourism.

According to him, ensuring safe, energy-efficient and low-carbon maritime transport in the country is essential for the sustainable exploitation of the country’s marine resources.

“Unsustainable maritime practices, including safety and environmental degradation, pose a significant threat to the maritime industry,” he stated.

He urged the federal government to prioritize maritime safety through new investments in infrastructure, science, data and technology.

Also speaking at the event, the Minister of Marine and Blue Economy, Adegboyega Oyetola, represented by the Permanent Secretary of the Ministry, Olufemi Oloruntola, called on the Federal Government to invest in improving facilities and building capacity to keep Nigeria competitive in global maritime trade. .

He stressed the importance of private sector support, which he said will help take the country’s maritime industry to the next level.

“To ensure both maritime safety and operational efficiency, government must invest in improving facilities and building capacity to keep Nigeria competitive in global maritime trade,” Oyetola said.

“Achieving world-class standards would require continued support from the private sector, whose collaboration is crucial in providing the resources and state-of-the-art facilities required to take the Nigerian maritime industry to the next level,” the minister said.